BRICS bank to name first investments in April

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The BRICS New Development Bank has  received project proposals from all the five member countries, and the appraisal of the first set of projects is scheduled for April 2016, the new lender said on Friday.

The bank has received an ‘AAA’ institutional rating from domestic credit rating agencies and has appointed Bank of China and China Development Bank as rating advisers, an official statement said.

The founding members of the NDB have already brought in capital of $1 billion as initial contribution.

Standard Chartered and Goldman Sachs have been appointed as advisers for international ratings.

At a press conference in Shanghai, Russian Finance Minister Anton Siluanov, who is also the Chairman of the Board of Governors of the bank, said the bank plans to invest in infrastructure projects in BRICS and is considering hydropower and electricity investments.

The NDB “will soon become a strong and well-respected international financial institution, playing a leading role in the changing…

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